Accounting MCQs for ICOM

By: Prof. Fazal Rehman Shamil
Last modified on November 7th, 2020

Accounting MCQs for ICOM

(1) The transaction of Expenditure and Income account is recorded in…..

a) Revenue and Capital Nature of the accounting year

b) Income

c) Revenue nature of accounting year

d) Capital nature of the previous year

e) All the above

Answer - Click Here:
C

(2) The goodwill is distributed to an old partner in……

a) New ratio

b) Sacrifice ratio

c) Old ratio

d) A and B

e) None of these

Answer - Click Here:
C

(3) The depreciation under the diminishing balance method is…..

a) Constant every year

b) Changed every year

c) Increase every year

d) Decrease every year

e) All the above

Answer - Click Here:
D

(4) How capital is obtained…….

a) Creditors account

b) Statement of affairs

c) Debtors account

d) Cash account

e) None of these

Answer - Click Here:
B

(5) The prospectus for shares can be issued only….

a) Private company

b) Public company

c) Chartered company

d) Shareholders

e) All of the above

Answer - Click Here:
B

(6) The non-trading account is prepared in…

a) Profit and loss account

b) Expenditure and Income account

c) Manufacturing account

d) Trading account

e) All of the above

Answer - Click Here:
B

(7) Opening balance is managed by preparing by…………….

a) Opening statement if affairs’

b) Creditors

c) Debtors

d) Cash book

e) Surplus

Answer - Click Here:
A

(8) Single entry system is usually prepared by…..

a) Partneship

b) Government

c) Company

d) Consignor

e) Consignee

Answer - Click Here:
B

(9) Depricition is occured due to….

a) Fall in the value of money

b) To show true financial position

c) Fall in the market value

d) Physical wear and tear of on asset

e) None of these

Answer - Click Here:
D

(10) A company is formed by…..

a) Directors

b) Owners

c) Promoters

d) Private 

e) Public

Answer - Click Here:
C

(11) The Debenture holders are…….

a) Customers

b) Debtors

c) Owners

d) Creditors

e) All of the above

Answer - Click Here:
D

(12) Provision is created for………….

a) Increase working capital

b) Un-known liability

c) Known liability

d) A and B

e) All of the above

Answer - Click Here:
C

Read More MCQs of Accounting

  1. SET 1: Accounting MCQ’s
  2. SET 2: Accounting MCQ’s
  3. SET 3: Accounting MCQ’s
  4. SET 4: Accounting MCQ’s
  5. SET 5: Accounting MCQ’s
  6. SET 6: Accounting MCQ’s
  7. SET 7: Accounting MCQ’s
  8. SET 8: Accounting MCQ’s

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Commerce Repeated MCQs book download pdf

Prof. Fazal Rehman Shamil
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